Tabcorp Hit by New Taxes

AUSTRALIA -- As reported by the Australian Age: "Victoria stands to make $45 million a year by doubling the tax on poker machines to $3000.

"Victoria's gaming powerbrokers had their valuations savaged by news that the Victorian Government will double the levy on each of the state's pokie machines to more than $3000.

"Shares in Tabcorp plummeted 70¢ to $15.92 yesterday, slashing the Victorian group's market capitalisation by $364 million.

"Rival group Tattersall's could also be severely affected by the new tax on the eve of its much-anticipated $2 billion float.

"…Kerry Packer's Publishing and Broadcasting Ltd operates 2500 machines at its Crown Casino, which will now cost it an extra $3.75 million a year. Shares in PBL finished down 9¢ at $14.89…"